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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Cash flow from operating activities:    
Net loss $ (1,908) $ (16,493)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 5,563 4,257
Cost of real estate sold 22,357 1,997
Loss on extinguishment of debt 69 0
Gain on sales of assets (1,626) 0
Stock-based compensation 1,722 1,938
Debt issuance cost amortization 1,352 851
Equity in unconsolidated affiliates’ income 0 (65)
Deferred income taxes 20 (135)
Purchases and development of real estate properties (29,525) (44,451)
(Increase) decrease in other assets (43) 1,661
Decrease in accounts payable, accrued liabilities and other (4,542) (814)
Net cash used in operating activities (5,840) (51,254)
Cash flow from investing activities:    
Capital expenditures (29,136) (45,962)
Proceeds from sale of assets, net of fees 8,586 0
Payments on master lease obligations (990) (977)
Other, net 0 (15)
Net cash used in investing activities (21,540) (46,954)
Cash flow from financing activities:    
Borrowings from project loans 73,648 60,692
Payments on project and term loans (57,913) (9,247)
Payment of dividends (376) (678)
Finance lease principal payments (16) (15)
Stock-based awards net payments (376) (789)
Purchases of treasury stock (1,592) (2,137)
Noncontrolling interests’ distributions 0 (13)
Noncontrolling interests’ contributions 3,600 40,000
Financing costs (873) (2,882)
Net cash provided by financing activities 16,102 84,931
Net decrease in cash, cash equivalents and restricted cash (11,278) (13,277)
Cash, cash equivalents and restricted cash at beginning of year 32,432 45,709
Cash, cash equivalents and restricted cash at end of year 21,154 32,432
Write-off of Capitalized Hotel Remodel Costs $ 721 $ 0